New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-10-28
THE PETROLECM MARKET

NEWS From THE FIELD AND RANGE or PRICES
~ the present jgncture OF affairs in the pe,Io.eah
POSITION which undoubtedly critical "a certain sense
~ NAY well recall broad general facts IN The
situation. The bears asserting that >axonhnfe
likely prove Jnother Cherry Grove, al least iAy ara
calling possibility "f such deage u
OIL ought 10 BE- necessary point OUT the f has
the Developments in the pool IN Too lnepish1
stage To Justify any such talk, except remote l0S'
bity But II Ssxonburs should threaten BIG IN
production there are important features that an
be overlooked The price OF oil, in the first Place
low. and when Cherry Grove in it was hsh, II
IL true 20 crude Is 10 above the lowest
paint OF the year. hut that made practically pan
conditions Even In this OF how prices thr aserase
81 which crude has ruled this yoaf has been in the sixties
For the dr., limo in the history OF the trade the paces
have secured an OF cooperation that possess
great inherent strength aud hat has been perfected WIN
the knowhdre aud favor OF the great refining interest
which credited popularity with hostility to other branches
industry. THIS producers organization h's decided
upon shutdown Of production IN existing neds' "hea
ought carried out faithfully reduce visible sup
ply materially that two saNouburgs or Thorn ,reA'
would only retad improyenen,not break or aen"rs'
market And these producers. While wiling 10 A""
the SaXOnbGfg owners 10 define their field scdiv ~
possible. no sgns OF abandoning bseenent 'h'
benefits OF which they morally Of whatever os VIC
temporary addton to the geld. And the oil usn,I"fa
ton lines should choose 10 rc,ad too rapid dcNopp"
supply by refusing generous furnishing 81 ae"'
ties, II would be done, not az time "hsa
all producers were bowling Tor fseiliues 70
take care OF supply but with the support Of '
great jory I'll, who interested In petrcleur
mining and who prefer TO work for tho establishment
business solid basis rather than make up 'o'
losses mining by the hazard Of speculation the sheH
side OF the certificate market We call attention Ia hes,
considerations for tho purpose OF attempting % gauge
tho result OF possibilities In Butler County but 70 enr
phaszs the fact that there two sides 10 the slecu
shield 49,,
The eruds market yesterday moderately active ani
after from II 20 80 i-2 cents IL enjoyed rally
10 80 to 40 barrels hour but two fsNorably situate
wells are due within day or two. and some forty M
wells the aeld In different stages OF comple'ica
Hence the trade remains nervous. and the bears se' e
opportunity 10 disturb holders. The bulls are tlking
eer,ncaes the and short sellers have 20 pay
premiums Tor most OF the oil they want 20 oorro. ' %
speculation artificial. II Womb he rather unnaofs "
the opinion people, II the hoders 81 OIL on 80.
advantage OF temporary combination or cifcun
their There Is pretty general eNpecs,oh a., IN.
the moor traders that lower prices are neviao' ws,tr
market closed sioady. although fraction under "eu
DAYS hnal quotation. . a.. ru.
rho rany- Of prices AMI tho tntal dealings inc -"
soil isted Exchange were az follows: "A.
Opening Io's'Lowes .-.....--''' 70
Hixhest .............. IL Final "a, %,
SaeA barrels IA
The refined marset finn In tone ON Medhrsss;os s
spitc Of the reduction IN price and vesteiiay ,s
were restored Ia cent rs cents per gallon al an -
OIL CITY, P.an~ Oct. 27-N.tosu Trsn't .eru n -st
opened at 70's. highest II: lowcs, 6gs elos.s csr
tors Ss,so9 barrssi sAipasa,s 1881 barrels ''''
0 irSTss"sS Penn OCT 27r-.rseum acty. S,sss. s..
sa.proSp Peus oct 27.Nasisaa Transit cer'i sss.
SaS cissrsscs. 1900 900 barrels .,.u,,.,
TIrt',vtIrR Peas. Oct u NNtent FrtnNs.
opened al Tos Aishes. 7o's lowest. 6sA closet :"